The Onset Of The Great Depression

801 WordsFeb 17, 20164 Pages
The onset of the Great Depression in 1929 with the crash of the stock market caused several businesses and banks to fail, resulting in the loss of over 10 million jobs. In the wake of Hoover 's failure to prevent the continuous downward spiral of the economy and the overall condition of America, Franklin D. Roosevelt took action within a few short months to get the country back on its feet. With his emergency session of Congress to enact the first part of his New Deal and within two years complete the second part of this agenda. The goal was for the government to intervene within the economy and create stability for businesses and their workers. The New Deal conserved Big Business to the extent in which they could aid to stabilize the economy but significantly changed due to Roosevelt’s socialistesque goals for the average American to prosper. Within the First New Deal, Roosevelt kept the banks and industry from failing, but instead allowed them to be taken under the wing of the government. These institutions had become the backbone of the American economy and without them America would have remained an indefinite amount of time in this depression. One of Roosevelt’s first goals was to reestablish America’s confidence in the banking system. The Emergency Banking Relief Bill put poorly managed banks under the control of the Treasury Department and granted licences to those who had already failed. By doing so Roosevelt could reassure the security of the banks to the public so

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